Potentially my second doer upper

[moustachebandit]

DSLiverpool said:

I decided against houses and we are concentrating on shops with flats above this year.
I think jockman bought my mates old house by sainsburys - not sure. I'm in Burrell road and were really happy here after living in west Kirby for years.

Aren't there big issues these days with getting mortgages on properties above commercial units? Not necessarily thinking about you buying but for further selling on.

[BoRED S2upid]

That looks a decent size and a decent price. Worth a cheeky low offer?

Funny place Wirral you move that to the other side of the M53 and it would triple in price.

[DSLiverpool]

moustachebandit said:

DSLiverpool said:

I decided against houses and we are concentrating on shops with flats above this year.
I think jockman bought my mates old house by sainsburys - not sure. I'm in Burrell road and were really happy here after living in west Kirby for years.

Aren't there big issues these days with getting mortgages on properties above commercial units? Not necessarily thinking about you buying but for further selling on.

Wont be selling on separately so not concerned - got first shop / flat in site and will try and trade from the shop - crisp butty café ?

[NicoG]

DSLiverpool said:

http://www.zoopla.co.uk/for-sale/details/33401390#...

Well the first one took a year but made just under £30k

This one looks ripe but has been for sale for ages, not seen it yet but will do ASAP - needs a fair bit if work but has great potential

Hi - looks like a fun project, I am literally itching to do a renovation like that, but (and please don't think I am being a knob) a place like that, even in that state would be £300K anywhere within 10 miles of me.

This kind of brings me onto the question which is to ask if you are financing that with cash or with a mortgage of any size, however small...

I plan on buying a project to live in and do-up over a year or so - I am in the (perhaps) fortunate position of not having to worry about ickle children or any winging woman breathing in dust and ste or moaning constantly about living in a work-in-progress environment.

This means I am willing to buy something in "quite a state" or only barely fuctioning as a house.

The problem I have is could I get a mortgage on a wreck? - Are you paying cash for this place.

Would be interested to hear from the PH populous on to what extent the "project status" of any purchase might preclude my getting the required mortgage valuation / getting mortgage at all....

Thanks and all the best with it - Nick.

ps - if you do buy it, I for one would be very interested in seeing your documented progress.
pps - do you have a link to your last one?

[InertialTooth45]

Nice - I've just done essentially what you are asking. Bought something that needs near on a full renovation. The mortgage company stalled for a while because of the state of the kitchen. It eventually went through when it had running water to the kitchen and bathroom. That was it... boiler wasn't working, no hob fitted, shower not working etc...

We're just about to move in and have so far replaced the boiler, fitted a hob, fixed the shower, and repainted 3 rooms so it's reasonably habitable. There is obviously still loads to do before it will be pleasant to be in! Ask me again in 6 months if it was a good idea!

[NicoG]

InertialTooth45 said:

Nice - I've just done essentially what you are asking. Bought something that needs near on a full renovation. The mortgage company stalled for a while because of the state of the kitchen. It eventually went through when it had running water to the kitchen and bathroom. That was it... boiler wasn't working, no hob fitted, shower not working etc...

We're just about to move in and have so far replaced the boiler, fitted a hob, fixed the shower, and repainted 3 rooms so it's reasonably habitable. There is obviously still loads to do before it will be pleasant to be in! Ask me again in 6 months if it was a good idea!

Thanks - sounds like you did ok, although I'd wager each company is different....
I guess I was asking if in priciple, it could cause problems and I would guess the answer to that is yes, probably...

To be honest, it is this risk which is keeping me steering clear of an Auction, which is where HUTH has lead me to believe bargains live !!

Paying the 10% on the day would be bad enough, then not being able to port my mortgage (so have to pay £6K ERCs ) would be bad enough, but if I couldn't geta mortgage at all, I'd be fked...